Grubb Properties obtained a $26 million bridge loan to refinance Chapel Hill’s Innovation Hub, a newly renovated 122,000-square-foot mixed-use development with office and retail space.
The five-year loan from Bayview Commercial Mortgage Finance will repay Chapel Hill Innovation Hub’s existing construction loan and fund future capital needs.
Grubb Properties was represented by Hal Kempson of Avison Young’s Capital Markets group.
Located at 136 E. Rosemary St. and 137 E. Franklin St. is directly across the street from the University of North Carolina at Chapel Hill. The property has undergone significant renovations, including a new lobby in 136 Rosemary, and parking deck improvements.
Tenants at the Innovation Hub include Innovate Carolina, UNC-Chapel Hill’s central team for innovation and entrepreneurship; Launch Chapel Hill, a business and venture lab accelerator; and BioLabs, a co-working space with wet lab space for life science startups. Leasing efforts are led by JLL’s Hillman Duncan and Taylor McCuiston.
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